VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov 22, 2012) - WCSB Oil & Gas Royalty Income 2010 Management Corp., the General Partner of WCSB Oil & Gas Royalty Income 2010 Limited Partnership ("WCSB 2010 Fund" or the "Partnership") is pleased to announce that its Board of Directors has declared a special distribution of dividends of $5.00 per unit. This distribution of dividends is derived from the net proceeds realized from the sale of royalty interests on a single producing oil well (see news release dated November 19, 2012). After this divestiture, the WCSB 2010 Fund will hold royalty interests on 28 wells, 26 of which were on production at the last reporting date July 2012.
The record date for this special distribution has been set at November 23, 2012, and the payment of this special distribution is expected to occur on November 30, 2012.
This special distribution is in addition to the regular monthly distribution, as announced on November 8, 2012, of $0.25 per limited partnership unit, payable November 30, 2012, to unitholders of record at the close of business on November 23, 2012. Inclusive of this special distribution, the total distributions will be $21.05 per limited partnership unit as at November 30, 2012.
This Partnership will allocate to each Limited Partner its share of the total dividend received by the Partnership. Each limited partner will include its allocated share of the total dividends received by the Partnership in income, and be subject to tax accordingly. The dividend will not be an eligible dividend for the purposes of the dividend tax credit rules in the Income Tax Act (Canada) and any similar provincial or territorial legislation applicable to taxable dividends paid by taxable Canadian corporations. Each limited partner should consult its own tax advisers to determine the tax consequences of the distribution to it.
WCSB''s investment programs are energy focused income funds with a mandate to provide Canadian investors with income, capital appreciation, liquidity and a 100% tax deductible investment through direct participation by way of royalty interests in both oil and natural gas production. WCSB''s unique business model eliminates exposure to capital market volatility associated with publicly traded energy issuers.
On behalf of the Board of WCSB Royalty Income Investments, CADO Bancorp Ltd. and Brickburn Asset Management Inc.
This press release shall not constitute an offer to sell or the solicitation of any offer to buy the securities. This release is provided for information purposes only.
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